Oil Reserves157.8 billion barrels
Oil Production3.62 million bopd
Gas Reserves32.1 tcm
Gas Production256.7 bcm
Iran holds the world’s second-largest natural gas reserves and its fourth-largest oil reserves. The country has been one of the world’s top oil producers for a century and has great potential to expand its gas output as most of its extensive reserves remain undeveloped.
Iran’s oil and gas industry is undergoing major changes. Under sanctions, oil exports were scaled back and many upstream projects involving IOCs were cancelled. Today, the National Iranian Oil Company is revving up production and has gradually returned Iran’s crude to the global market. In 2015, the country exported around 1.1 million bpd, a figure that rose to 2 million bpd by August 2016 and has remained at this level in 2017. Iran is seeking foreign investment to revamp and expand hydrocarbons operations and signed a landmark deal with Total in mid-2017. Fifty-two upstream projects were unveiled in late 2015, and new terms of investment in mid-2016.
In 2016, Iran produced 3.65 million bopd and, under the National Iranian Gas Company, 202.4 bcm of marketed natural gas. The government is planning five LNG facilities and new gas pipelines to support increased exports. With 67 petrochemicals projects under way, Iran aims to double its 2015 capacity of 60 million tpy by 2020. The Oil & Gas Year Iran 2018 was released in 2018 in partnership with Iran’s Ministry of Petroleum.
Aramco has resumed crude oil loadings at the Ras Tanura terminal after a halt of nearly four months.
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Julius D. Rone of UTM Offshore talks about shifts in energy security priorities and new opportunities for African energy…
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The US and Iran have reached an initial deal to halt the war and reopen the Strait of Hormuz, sending oil prices lower.
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QatarEnergy and ExxonMobil have signed an MoU with Egypt to collaborate on the commercialisation of natural gas discoveries in Cyprus.
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Kuwait has declared force majeure on oil and product shipments as the Strait of Hormuz closure impedes tanker loadings.
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Canadian light crude premiums have surged to record highs as US refiners look north amid tightening global supplies.
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Aramco-Dow joint venture Sadara Chemical Company has temporarily halted production in Jubail, citing supply chain disruptions.
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Oil prices rose by about 2% on Friday following news that OPEC delegates had agreed a modest production increase starting next month.
Arch-enemies Saudi Arabia and…
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Oman’s oil minister has said the country will proceed with plans to build a USD 1.5-billion gas export pipeline from Iran despite the reinstatement of US…
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The development of South Pars has not slowed down in the face of US sanctions, Iranian officials claimed on Tuesday, despite the possible withdrawal of France’s…
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H.E. Hamid Reza Araghi, deputy minister of petroleum and managing director of the National Iranian Gas Company (NIGC), talks to TOGY about opportunities the IGAT…
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Oil output from Iran and Venezuela could fall by as much as 30%, the International Energy Agency said in its latest forecast on Wednesday.
Crude output from the the…
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Nayara Energy, formerly Essar Oil, has started to reduce Iran crude imports following the withdrawal of the USA from a key nuclear treaty last month, international…
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France and other European countries are working hard to save the Iranian nuclear deal, even as Iran said it was preparing to up uranium enrichment capacities,…
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Iraq has started shipping oil from the disputed area near the northern city of Kirkuk to Iran, Iranian state agency Shana reported on Sunday.
Between 30,000 and…
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China’s CNPC could take over Total’s share in South Pars phase 11 unless the French super-major secures an exemption from US sanctions within two months, Iranian…
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A Chinese company will build a USD 2-billion refinery in Mazandaran province in northern Iran, Iranian state media reported on Monday.
News agency IRNA did not name…
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